Rival Ford Motor Co. said on Monday it had signed a preliminary deal to buy lithium from a Lake Resources facility in Argentina.
Rising sales of EVs and a scramble along the supply chain to secure materials have propelled prices of battery ingredients to multi-year highs.
Cobalt, a metal that makes up 0.001 percent of the earth’s crust, provides EV batteries with energy density that increases the range of electric vehicles and boosts their life.
GM, which has laid out plans to ramp up capacity to build one million EVs in North America by the end of 2025, also has an agreement with General Electric Co. to develop a supply chain of rare earth and other materials.